Today’s boom in blank-check companies is driven by the same thing as 2007: vast sums of money chasing any kind of half-decent returns

Would you invest in a company that couldn’t tell you what its business was going to be?

Some would, in fact they are doing so in record amounts. Blank-check companies, otherwise known as special purpose acquisition companies, or SPACs, are listed companies that raise money from investors to go and buy a company as yet unidentified.